Due to the frequent occurrence of life-threatening diseases and the use of low-cost, real-time patient monitoring systems by healthcare professionals, it is estimated that by 2027, the international market for multi parameter patient monitoring will exceed 6.1 billion dollars.
The Covid-19 pandemic has prompted the need to utilize digital solutions for remote patient monitoring. As lockdowns due to the COVID-19 virus began, risk factors predominated at the time of the visit. Better testing and health monitoring tools are needed to provide medical assistance at home. While remote patient monitoring services are not new, the pandemic has brought about a sharp rise in demand for remote patient monitoring tools. The size of the home device market is expected to triple in size over the next five years.
The global remote patient monitoring devices market is expected to exceed USD 1.8 billion by 2027, growing at a compound annual growth rate (CAGR) of 10.7% owing to increasing demand for advanced technology systems. Due to the severe impact of the virus, social distance guidelines need to be followed, which has led doctors and patients to opt for remote patient monitoring software for physical exams. Remote patient monitoring is a solution that can fill the care gap for patients with ongoing illnesses and medication who cannot make in-facility visits.
The U.S. Government Accountability Office defines remote patient monitoring as a coordinated system that uses one or more home or mobile monitoring devices to transmit vital signs data or information on activities of daily living, which are then reviewed by a healthcare professional.
Some remote patient monitoring methods require interactive video communication, but remote patient monitoring services do not have this mandate requirement. It requires technologies and tools to record and export physiological patient data, such as remote patient monitoring applications. Not only does it help improve the effectiveness of healthcare, but also improves healthcare functionality for patients and healthcare workers.
Almost 88% of healthcare organizations are already investing or have plans to invest in remote patient monitoring. The Consumer Technology Association (CTA) indicates that 68% of healthcare organizations support patient monitoring solutions to enhance the future of the healthcare industry.
The future of remote patient monitoring is bright. While patients may not opt for expensive clinical equipment at home, healthcare providers seek valuable solutions to enhance the healthcare industry in 2022 to drive improved patient outcomes while achieving revenue growth.
Transtek is committed to multiple health fields such as remote health and chronic disease management, providing customers with medical-grade "RPM devices" and "cloud services". Transtek has established a co-branded solution named TeleRPM since 2022, which is an integrated solution which includes cellular blood pressure monitor, weight scale, blood glucose meter, pulse oximeter, smart health watch, and all-round BLE package with AnyHub solution.